Kirkland Lake Shareholders Approve Detour Acquisition
Detour Gold shareholders also approved the arrangement at a special meeting. This transaction will add the Detour Lake mine to Kirkland Lake Gold’s portfolio. The open-pit mine in Ontario, Canada, has an estimated production of 590,000 to 605,000 oz of gold.
President and CEO of Kirkland Lake Gold Tony Makuch said, “Once complete, the transaction will create a highly competitive, truly unique company in the gold mining industry. By combining Detour Lake with our Macassa and Fosterville mines, we will have three cornerstone assets in our two core jurisdictions of Canada and Australia, all three of which possess free cash flow generating operations, significant in-mine growth potential, and considerable regional exploration upside.” He said the new Kirkland Lake Gold will be a leader in profitability, cash flow generation and cash resources.